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Indiana Department of Insurance

Indiana Department of Insurance

IDOI > Company Compliance > Accident & Health  > Product Filing Information/Instructions  > 4.5 INDIVIDUAL and GROUP RATE REQUIREMENTS for LONG TERM CARE 4.5 INDIVIDUAL and GROUP RATE REQUIREMENTS for LONG TERM CARE


The Indiana Department of Insurance (IDOI) requests data/information for the following two requirements as part of the rate review process for new rates and/or forms filed: Implementation Date and Actuarial Memorandum.

Data for requirement I is entered into a SERFF field.


  1. Enter the date requested for the filing to be implemented.
    1. Date must be a minimum of 60+ days from the submission date.
    2. Date entered may not be the date the filing officially becomes effective.
      1. IDOI will determine the definitive effective date.
      2. If “Upon Approval” is chosen, the filing will not be closed until this field is revised with an actual date.
    3. If date changes during the review process, the following action is needed:
      1. Update SERFF field before the filing is completed and closed.
        1. SERFF field can be revised during a “Post Submission Update” at the time a response is provided for the objection.


Provide the data listed below in the actuarial memorandum as an attachment under the Supporting Documentation tab in SERFF.

  1. Benefit Structure
    1. Provide sufficient detail for an analysis of the pricing.
    2. Disclose the commission structure by duration as a percent of premium for each commission schedule to be used.
    3. It is not necessary to disclose commissions for employer/employee group Long Term Care Coverage.
  2. Proposed Rates
    1. Include a complete set of proposed rates.
    2. Include the following items and any other guidelines that impact policyholder’s premium payment:
      1. Modal Factors
      2. Geographic Factors
      3. Additional Fees
  3. Assumptions
    1. Include the following data and a detailed description of the basis for the assumptions used in pricing: (Follow the guidelines from Actuarial Standards of Practice (ASOP) No. 8.)
      1. Anticipated Loss Ratios
        1. Provide the anticipated lifetime and durational loss ratios, as initially filed with the Department, when the forms were approved.
          1. These should be the anticipated loss ratios, not the minimum standards.
      2. Business Schedule
        1. Provide a distribution of business schedules for Indiana and the nation as a whole.
          1. Show distribution by benefit period, inflation option, elimination period, age group, gender, ROP and any other relevant characteristics.
      3. Company Unit
        1. Provide a description of any company unit investigates fraud and other reasons why claims are paid inappropriately.
          1. Address the amount the company spends to support this unit.
          2. Address how many people work in this unit.
          3. Disclose the number of problem claims discovered for the most recent year and the amount of money recovered.
            1. Address how these amounts flow into the material presented in the filing to show historical incurred losses.
  4. Premium Guarantee Provision
    1. Provide a detailed description of the premium rate guarantee provision.


  1. Actuarial Certification/Rate Attestation
    1. Provide an actuarial certification with a clear statement attesting to the following:
      1. The proposed rates are adequate under anticipated experience.
      2. Additional rate increases will be requested if experience emerges as expected.
      3. Provide a statement that the assumptions supporting this filing are best estimate assumptions with no provision for adverse deviation.
      4. Indicate any reliance on other sources.

Rate Filing Submittal Guidelines

The following provides additional information to properly submit rate filings:

  • Unless filing approved, do not implement a rate increase as related to manual rates.
  • File proper TOI and Sub-TOI for rate request.